A survey of market optimism Germany rose more than expected in January thanks to cheaper oil and a weaker euro.

The ZEW index rose to 48.4 points, up from 34.9 the month before and more than the 40 points expected by markets.

The investment analysts surveyed in Europe's largest economy looked past market turmoil over the Swiss National Bank's decision to let the franc rise sharply.

The higher ZEW reading comes as the European Central Bank on Tuesday reported stronger demand by companies for loans, another positive sign in Europe's slack economy.

The positive data came out ahead of Thursday's ECB meeting where the bank is expected to announce more stimulus through purchases of government bonds.